Rockford couple charged with exploiting the elderly

ROCKFORD — A Winnebago County grand jury indicted a Rockford couple on 22 counts of financial exploitation of an elderly person, conspiracy and theft.

Gary Peterson, 70, and his wife, Kathleen, 68, were arrested Monday. They are accused of swindling an 89-year-old Rockford woman out of more than $50,000 since 2010.

State’s Attorney Joe Bruscato said Gary Peterson was introduced to the woman in the late 1990s and worked as a financial adviser/investor in the Rockford area from 2003 to 2012.

The case was brought to the attention of police by attorneys representing the guardians of the woman.

“It is simply unacceptable for those in our community who have worked their lives, are living in their golden years and are now going to be victims or preyed upon in schemes or scams,” Bruscato said Thursday.

“The state’s attorney’s office along with local law enforcement agencies take these cases very seriously, and we intend to pursue them.”

Bruscato said Peterson’s license to practice was suspended in 2012 for undisclosed reasons. A call to the Illinois Department of Professional Regulations was not returned.

Other people might have been swindled.

“Since Mr. Peterson worked as a financial adviser, we certainly would be interested in anyone who may have information for us and anybody else who would like to report any concerns that they may have so that they can be investigated.”

The Petersons’ case is being investigated by the Rockford Police Department and prosecuted by the state’s attorney’s At-risk Adult unit.

Financial exploitation of the elderly is a Class 1 felony, punishable by probation to four to 15 years in prison.

Conspiracy to commit financial exploitation of the elderly is a Class 2 felony, punishable by three to seven years in prison and two years of mandatory supervised release.

Theft is a Class 4 felony, punishable by probation to one to three years in prison.

The Petersons are in the Winnebago County Jail; bond was set at $1.5 million apiece. A hearing is scheduled June 25 with Judge Rosemary Collins.